certainly getting clobbered today from the comments by carl icahn. matt, thanks very much for joining us. salesforce.com will be out with earnings momentarily. we'll see how those numbers look from out in california. and stay tuned, the prince himself, alwaleed bin talal will be with maria on the second hour of the "closing bell." i'll see you tomorrow. >> and did is 4:00 on wall street. do you know where your money is? hi everybody, welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. it was tough getting there, but we are closing at another all-time high. the dow industrials tonight hitting 16 sthou. early today for the first time ever but the market sold off after carl icahn warned he's very cautious on this market and then came back a fraction to close at another all-time high. in unchartered territory for the blue chip average. dow industrial at 15,975. the nasdaq rolled over because

carl icahn made comments about apple also. he said i'm not interested in having a fight with apple but also not interested in walking away. translation, there will be a fight. the nasdaq down 37 points. apple, one of the reason. down about a percent on the session. 3949 on nasdaq. s&p 500 pulling back from the all-time high reached on friday to 1791. what a way to start the week. milestone for dow. close to milestone for s&p 500. only to see them slip away in the final hour. dow closing at another record nonetheless. bob pisani blame it on carl icahn? >> yeah, a good part of it. one of the issues when markets are at historic highs, market names can move things. two market things moved things. mr. icahn, cautious on equities. that cost 70 points in the dow. the bigger damage was in the high beta names. take a look, linkedin facebook zillow. ron was talking about social

media. another group that's got a lot of momentum this year not necessarily high beta but the oil names, e&p names have had a huge run. see that drop today? some of this was related to oil moving down. the other big name bill dudley head of the new york fed, came out in the middle of the day and said he was getting more hopeful will the u.s. economy. that cost the dow 20 points. that was earlier in the day. oil in the middle of the day went from $93.40 to $ -- you see that drop? that is when dudley was talking. the lowest level since may. gold also dropped. it was 1280 went to 1270 in the middle of the day. we'll keep an eye on all of those issue. the bottom barometer of all of these issues is the ten-year. you can see here the ten-year was very steady until we went right to the close when it dropped near the lows of the day, 2.66. that's what people really do watch very carefully. back to you. >> thank you so much. joining me lizzette cooper pp

jonathan joseph and kenny from o'neill securities. a lot of names there. good to see you. kenny, let me kick this off with you. walk us through what happened in the final hour kenny, because we came into a pretty good market situation. carl icahn makes these comments. market totally turns around. then we end up higher. what did you see in terms of the flow? >> exactly what you said. this morning when the market took off, it challenged 16,000 and 1800 on low volume. not the big asset managers putting money to work. more trader types getting it there. momentum guys testing the level. a new number 1800 16,000 right, they go for that. much more psychological than anything. carl icahn's comments toward the end of the day certainly didn't help the situation. what did he really say that's new news? people realize the markets are overvalued head of itself based

on fundamentals, so comments like that give guys the opportunity to hit the sell button. large asset managers are not making decisions on one negative comment or speech carl icahn gives at a conference. >> lizzette, let me goat youret your take on this. would you put money to work at these new levels? >> i think that markets run pretty far. we're taking some money away from next year's gains. there are some rotations we do. one thing you found very interesting today was that energy stocks dropped a bit. but energy futures are very cheap. and the curb -- we also put money to work in china. a shift from this market. still feel good about the u.s. market but that it's -- you know, other markets that have lagged have a little room to grow. >> so, you say we're in a bubble but we're not expecting the bubble to pop, is a comment you made to our -- in our pre-interview. you do think we're in a bubble, though?

>> well obviously, asset prices are really high and they've been driven by the easy money all around the world. however, the sis money is continuing. the party's still going. i don't think the bubble's going to pop. personally i think we'll make our way across without the bubble popping. >> joseph what do you say? >> i don't think we're in a bubble of the equity market. if anything, wire in a very easy liquidity environment. the real risk to the equity market is the interest rate imbedded. that's a function of inflation right now with the new incoming fed chairman we think there will be continued aggressive liquidity provided. so, the market is fully valued. but we don't think it's overvalued here. >> mark it's true. you could look at the u.s., you could look at europe you could look at japan all over the world we're seeing easy money. that has francetranslated into

money-moving stocks. where today would you put new capital to work? >> a couple of places. on balance, not so much in u.s., but europe, japan and china. european schiller cape ratios stand at 40% discount to that of the united states. earnings growth europe is expected to grow to double digit pace in 2014. japan we know we're starting to see the workings finally get friction from shinzo abe's efforts, not just on monetary policy but fiscal reform. china is selling at basically a standard deviation under the global mean price to earnings ratio, suggesting we're seeing the cheapest valuations in china today as we've seen any time over the last decade. it's not an indictment of u.s. equities. it's just to say on balance where would we feel more comfortable putting capital today. it would actually be in international markets as opposed to american markets. >> it's interesting you bring up

china. our guest in the last hour mentioned the same thing. are you telling me you would think selling u.s. and buying in china? >> certainly not dollar for dollar but rebalancing capital, we would suggest a source of funds would be u.s. equities and in a tempered measure moving money to chinese equities, recognizing that it's not necessarily going to respond immediately to a cheap valuation in chinese equities but, rather directionally for patient investors with two to three year time horizon we think it will change vis-a-vis u.s. equities. >> ken y how do you see things playing out this week? >> we have nothing other than macro data and the fed on wednesday, minutes from the fed. you'll get the trader types that will try to analyze and listen and speculate on what did they really mean? what were they saying? meanwhile, bernanke and yellen have said no reason to

speculate. we're not going anywhere. it's easy money policy, as all the guests have said. expect the market to churn higher. i wouldn't be surprised, you'll see these days that -- of a little volatility but large asset managers like i said are not -- they don't make sdigts decisions that fast. they're very methodical in how they do it. it's the trader types that will create the volatility over the course of -- really through the end of the year. >> thanks, everybody. appreciate your time. we'll watch the market clearly another all-time high for the dow. josh lipton has the numbers from salesforce. >> reporter: salesforce just reporting. on the bottom line the street was looking for 9 cents. salesforce reports 9 cents, so in line. on the top line the street was looking for $1.06 billion. salesforce a slight beat $1.08 billion. looking ahead for guidance q4 bottom line comes in light. analysts were looking for 7 cents. salesforce is forecasting 5 to 6

cents. light on the bottom line. top line, street was looking for for -- >> we want to get back to josh in a moment. salesforce.com shares, as can you see, up 1.33%. ceo marc benioff takes the hot seat with jim cramer on "mad money." don't miss cramer tonight on "mad money." a short break. much more ahead on these gravity-defying markets. saudi prince alwaleed is in the house. he sits down with me at the new york stock exchange fresh off his $600 million profit from twitter. we'll talk about his holdings, including citigroup and apple, among others. we'll hear from someone of the smartest investors on the planet. the nasdaq marching toward

4,000, a level it has not breached since september 2000. live to the markets as we get the buzz on the ground. also ahead, obama care, is it just turning health care upside down? new data says it's turning the jobs market to a more part-time instead of full-time workforce. a lot can happen in a second. with fidelity's guaranteed one-second trade execution we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. i'm beth... and i'm michelle. and we own the paper cottage. it's a stationery and gifts store. anything we purchase for the paper cottage goes on our ink card. so you can manage your business expenses and access them online

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welcome back. an historic day on wall street dow 15,976 nasdaq backed off charts for 4,000. let's catch up with sheila live at nasdaq market site. hi. >> hey there. what a difference a few tweets can make right? this morning we were talking about nasdaq 4,000, just about 15 points away from that level. at the close though, a very, very different story. both the nasdaq 100 and composite closing down by 1%. get a load of this. nearly 90% of the nasdaq 100 today ending in the red. some big movers. apple having a big impact on the index. carl icahn tweeting directly about that. amazon and google, these are

interesting, because earlier this morning in the session both stocks made all-time highs but they ended up closing the day down more than 1%. so, some big swings for those stocks there. also looking at some of the biggest losers on the nasdaq today. tesla and facebook both down by more than 5%. also momentum names do seem to be losing momentum. priceline, netflix, all in the red today. we did have a couple of big downgrades that impacted some stocks. microsoft and nvidia. let's talk about the winners, the biotech, a little strength there today. c. lgene and amgen managing to hang onto gains. a lot of wind taken out. nasdaq ending down today about a percent. >> thank you so much. will the technology sector drive the nasdaq to 4,000 and beyond? if you're just getting in, do you stick with the old faithfuls like microsoft or new growth names like netflix? joining me is don from gfi, kevin landis.

thank you for joining us. john, let me kick this off with you. technology certainly helping fuel this market rally this year but we saw microsoft get downgraded today. cisco had a big upset last week. and downgrade as well. what's going on with tech? >> i think one thing that you don't hear is that the nasdaq was up 32% year to date. so i think that's one thing that's going on. you know the nasdaq really led us higher. we had some good names, good cash flow good free cash flow as well as good dividend yield. a lot of the big cap nasdaq stocks like cisco intel, microsoft, the yields have been going higher, so we see those stocks you could actually buy with yield around the ten-year treasury. ncaa nasdaq is up 32%. once we get around 4,000, those big numbers usually lead to a little resistance. obviously, carl's statement -- tweet later in the day took us off the highs. i think if we look ahead, there's a lot to be positive about both in terms of the tech cycle. i think that -- agree with tom

at jpmorgan we haven't seen an upgrade psych until a long time since actually the '90s so people are very behind in tech. i went to best buy this weekend. i saw a bunch of flat screens with touch screens. i saw the fact that you could get a dell computer with a tower for less than $300. actually below $200. i think a lot of people will be upgrading both individually and also corporations a lot of the tech spending. now that they've already rolled out a lot of their bonds and their credit about five to ten years, courtesy of the fed, now they'll be able to concentrate on that -- on the infrastructure spending, both on the technology side as well as probably eventually some plant and equipment. >> kevin what do you think? you like technology here right, but you're looking at growth names like facebook and twitter. you don't think there's an overvalued story there? >> well, they may or may not be overvalued right here, but i guess -- i want to comment on the paradox of investing in

tech. that is just about the time you get comfortable with a name and think of it as a stable steady blue chip that's when it's at risk, because the old story is that the old guard gets tired, stag natures and suddenly there's no growth. so when you see -- when you see a tech stock that's cheap, you better double check and make sure it's still growing otherwise you'll be holding rim. >> te me where you would be putting money to work. john, you're sticking with the dividend players, right? >> i think that right now if you look at -- there's a lot of stocks with high free cash flow as well as high short interest. that's one thing we played all year. stocks that have big short interest and high free cash flows have seemed to be the ones the hedge funds are going after. we saw that in tesla. we saw that in first solar. tesla went from $38 to $180. obviously came off to $125. we saw the same thing with first solar. solar stock, still good free cash flow first solar went from $30 to over $60. same thing with the whole solar

sector. i think if we look at stocks that have high short interest right, margin debt works both ways. margin debt works on the upside. if you go short, you also have to take on margin debt. we see that in a lot of stocks. a lot of short interest and a lot of free cash flow leads to a big squeeze. >> kevin, what about you? what are your picks? what do you want to be exposed to? >> it's true we own both facebook and twitter in our sort of crossover fund, but if you're looking for growing companies that are still reasonably priced, i'd say the two to go to are probably google and apple. they're still growing. they're really solid companies. they're right in the right place at right time and reasonably priced. >> we'll leave it there. gentlemen, thank you very much. appreciate that. we'll see you soon. take a short break. imagine making $600 million from 140 keyboard characters. that's what billionaire investor prince alwaleed did when twitter went public. prince alwaleed will be with me

shortly, talking about his holdings in citigroup, fox news corp., apple and others. and we'll talk about saudi's alliance with. we'll get his take on the matter. also coming up ask obama care kill full-time jobs? we'll have a debate on this hot button issue. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities.

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of obama care's problems. we talked about this before. and taken heat for it. today there's a new survey that says obama care is having an impact on employment and how many hours workers are getting. steve liesman with the story. >> thanks. this poll conducted by public opinion strategists, which does the polling for cnbc the republican half of our polling team, did this poll on behalf of the international franchise association and the u.s. chamber of commerce. find a very negative impact right now on businesses and employment from the affordable care act. let's take a look at the graphics. 64% of franchise and 53% of nonfranchise are saying the aca is having an impact on their business. you might expect that but now let's take a look at what they're saying about specifically how. they say because of aca, 30% of franchise owners have replaced full with part time about 15% have seen reduced staff and more than 30% have reduced worker hours. this has potentially huge neck

negative impact on employment. one other piece of data. asked if they would stay below 50 workers. 59 % of franchise owners and 52% of nonfranchise owners. there's a lot of debate about this. unclear whether or not it shows up in the official government data. right now this survey of 400 franchise and nonfranchise owners suggesting there is a substantial impact of the aca on employment. >> steve, stay with us. we want to talk more about this. want to bring in jimmy, columnist and blogger at american enterprise institute and also a cnbc contributor. you say the job numbers don't support these claims. explain. >> as steve said you really don't see it in the government numbers. listen, that survey was a survey of, what, 400 or 500. the government's survey is 60,000. you don't see it when you look

at part-time jobs. that's goth gone down this year up. don't see it if you look at the average work week. you would expect to see it in both those places. you don't see it. it may have an effect in the future, a modest effect. if you look at the effect of employer mandate on hawaii and translate to national numbers, maybe 400,000. but i just don't see it. i realize that's -- i realize the survey says what it it says but it's a pretty small sample. >> steve, are the jobs numbers misrepresenting the situation? >> i think what we want to do is take this step by step and look at the data as it comes in. one note about this survey that jimmy might be interested in this looked at employers between 40 and 500. they do quite a bit of hiring out there. they're most likely to be effected. when we're looking not necessarily at what's happening in the overall economy, but what could be happening to the marginal employer of the marginal employee, which is what we're looking for. we're looking for job growth. that's the kind of thing you might see it.

now, it could be offset by something or somebody else. i think it's likely that the large employers are not going to be affected by this quite as much. right now, especially because we're getting this negative press that's out there. there's a lot of negative feeling about it. and i think people are likely to answer the question this way, but i think beyond the anecdotal i think there's a real effect out there, which is that people are saying, because of the uncertainty and a whole bunch of other reasons, i might be holding back here. >> yeah. >> go ahead, jimmy. >> i was going to say, it's the old uncertainty. it's tough to gauge that. i just would have thought i would have seen it somewhere n any of these numbers. if you look at like the lower paid -- if you look at like hospitality, leisure, their job growth is not any slower than the overall economy. again, it may -- it -- i'm not going to say it's not a future effect but not a lot of evidence. other places they've done the mandate. i would rather see actual

numbers instead of a very narrow survey. >> we did survey all america survey and we found little limited effect on individual americans out there. we'll be following up our survey in december to see if it's hitting home to individual employees. >> you know, if-t makes sense. if the law is requiring small and midcap businesses, all businesses, to offer health benefits to anybody working more than 30 hours a week you would see the reason or, you know, the encouragement to actually knock them down to blow 30 hours a week. why are we seeing it more in small and midcap companies as opposed to big companies? >> i think it's those who are on the margin with their employees. it's hard to hire and keep an employee today because of the costs. i think people are very very cautious. especially because they're conscience of the economy, where the next dollar of revenue is coming in the door. it's people on that cusp of 50.

i agree with jimmy, we haven't seen it in the macro data. this is one study. we put it in the pot as part of the data we're looking for to find this -- >> i think that's the way to look at it. i would look at it as a data point, something to watch, especially putting any additional mandates on business. what you don't want to do is turn it into a cheap talking point, obama care killing jobs. the data just isn't there yet. >> thank you very much for bringing us facts. we appreciate it. steve, jim we'll see you soon. up next, saudi billionaire prince alwaleed he'll sit done with me next to talk about his investments, how he's allocating capital in citi apple, among other names. he sounded the alarm on u.s. become a major energy rival to saudi. he says saudi needs to diversify out of oil. into what? i'll get his thoughts on that and a lot more. you're watching the "closing bell" on cnbc.

0 welcome back. my next guest is one of the most recognizable billionaire investors in the world. he has big stakes in citigroup, apple, news corp., twitter and others. he also has the pulse on oil markets as a member of the saudi royal family. it's a pleasure to welcome back

to the "closing bell," his royal highness prince alwaleed bin talal. thank you for joining us. good to see us. you're back at the new york stock exchange. did you go to some of the posts and see some of your investments? >> yes, city shgs citibank location and twitter. >> i want to talk about your investments. people follow you in terms of how you're allocating capital. let me first zero in on some of the news of the day because the sunday "times" reporting saudi is teaming up for israel for a possible talk on iran. saudi arabia denying such an alliance. is there concern about what's happening in terms of iran and that stockpiling? >> yeah. as for this report about the discussion between saudi arabia -- today saudi arabia has officially denied that in a press release by minister of foreign affairs. that's first. now, as for the concern i think all the region has concerns about what's happening in iran.

especially discussions between united states and the other european powers and iran did not go well last time. our concern is the west is too eager and giving up some of the gains that were made by the economic sanctions. we have to be careful not to minimize the pressure but to even add to the pressure right now on iran to succumb to the international committee's request to be nuclear-free. >> it's a balance. what do you think is really needed to end iran's nuclear program, then? >> well clearly, the fact that they are beginning to negotiate and stalk more seriously, that's a very good indication. this has to begin with a chance. but to reduce that now, the very economic sanctions that caused iran to come to the negotiation table is not prudent at this stage at all. >> what's your take on syria and the u.s. response to assad? what about that? how did the u.s. handle that, in your view? >> well, i mean, when president

of the united states draws a red line, and that red line crossed and then he asked for an opportunity to back off from it and whereby putin grabs at the opportunity and backs off, i mean this is really -- it does not really reflect well in the international eyes. >> for a moment there it looked like putin was in charge. i mean russia's the leader of the world. >> well sure. russia right now -- not from back door but came through front door. we're reminded about what took place in the '1960s and '70s when egypt and russia were big allies. russia sent delegation. this is all done because of the vulnerability of foreign policy in united states toward the middle east. >> you made comments this morning, i saw, about egypt. you have grave concerns about the muslim brotherhood. tell us about that. >> as you know the muslim brotherhood were elected --

elected morsi to be president of egypt. clearly the direction they're moving towards is to have a complete authoritarian regime. it was supposed to be one man, one vote one time. the military took corrective measures to reflect the demands and the requests of the people to ask for removal of the muslim brotherhood headed by morsi. exactly what happened. i believe the military regime now headed by president morsi, by prime minister by defense minister morsi, will establish -- re-establish democracy in the year. >> you feel good about that? >> egypt was heading the wrong direction. >> let me ask you about the nsa spying scandal. a lot of backlash after all of this came out. is it impacting the u.s. standing throughout the world? what's your take on all the

spying? >> no doubt. they show spying -- we all knew before that u.s. and russia and all the big super powers spy on each other. but having them go public that much and having the united states spy on its allies like merkel and some presidents in latin america was really -- >> extraordinary. >> extraordinary for sure. and united states have enough wounds, you know deficit national debt, obama care you know iran syria, palestine, they have enough headaches. and this was really a completely unneeded burden on the obama administration. >> how do you see it playing out? do you think this sticks people remember around the world? does the u.s. look different to our friends around the world? >> i think the spying will eventually fade away. we know in advance before snowden that spying took place. fundamentally united states

needs to work on internal fairs, obama care national debt situation, and to have a coherent and cohesive and comprehensive policy. towards not only middle east but the whole world and be consistent in its approach. >> let me ask you about the oil markets because here we are looking at oil at $92.9 5 a barrel. international energy agency said the united states is likely to become the world's top oil producer by 2016. he we have spoken about this in the past. you have certainly been very very vocal in terms of pushing saudi arabia to diversify a bit. not depend so much. how do you see this and how worried are you about fracing, for example, in the united states empowering the u.s. to become an oil -- the lead oil exporter? >> clearly, united states is heading that direction of not only being oil sufficient and also potentially an oil exporter which means it's reliance and dependence on opec and saudi

arabia will diminish substantially if not completely. geopolitical situation will be impacted somehow. having said that also that you have to understand the united states to saudi arabia is not so much dependent on oil. saudi arabia needs oil and vacuum taking place in iraq and syria and egypt. saudi arabia is filling that vacuum. still america will lead the oil world and will have foreign policy toward the whole world. saudi arabia still going to be an important country for united states and its foreign policy. >> are the saudis right now overproducing, producing more oil to push oil prices down so that the fracing becomes less of an issue? tell us what's going on. >> no no. saudi arabia's oil production was alleviated because of the internal turbulences. it went back. now in libya, production came

back into effect and iraq stabilized -- increased production. staush went back to quota around 9.5 million barrels a day. no, we're not overproducing now to lower the price because saudi arabia is showing a price between $95 and $100 is good for consumers and producers. >> do you think that's where this market will be for the foreseeable future? what's your take on oil prices? what if we see more shell discoveries in the united states? >> i think that the -- oil is a commodity. depends on supply and demand. dleer clearly with more supply coming in the market, if opec doesn't reduce production, oil price will go down. no one talks anymore of the price of oil being $150 or above. a few years ago we were talking about that. now we're seeing price falling $90 if not below that. a delicate matter.

i went public in saudi arabia by asking publicly and very bluntly the saudi ministers to the income of saudi arabia and don't be dependent on oil only. >> what should they be diversifying into? >> saudi arabia has a lot of commodities. magnesium, silver gold all all kinds of commodities underground. i think this has to come up and put money in tourism, other areas that could be a source of income for saudi arabia. >> this is very important information you're giving us. your highness, we'll take a short break and hear about prince alwaleed's investments. prince alwaleed will be back in a moment. what are his hottest investments right now and does he think the market is due for a pullback like carl icahn told us.

welcome back. let's take a look at shares of twitter, now at $41 and change. the stock up nearly 60% since its ipo earlier this month, although it's backing off from the first day closing price. for prince alwaleed twitter has profited over half a billion dollars in a week and a half since the company went public. prince alwaleed here to talk investments. what a smart investment in terms of twitter. how are you feeling, $700 million later? >> well you know twitter is still rising star in the social media. it's a business that's proven to

be successful. right now major is for how management will maximize that business model. with more than 2.4 billion users in the world and with 1.5 billion smartphones in the world and rising every day, and with twitter only have 435 million active users every month this really -- can you see how the potential is up for twitter to regain and gain more ground. >> i know allocating the stock when they first went public was delicate. did you want more stock? >> no. we were happy with what we had. >> okay. you think the stock is going higher. what else do you like in this social media space? as you just said one of the big issues is this company is not profitable and they have not given us a path to where they'll make money. >> as for twitter, the objective right now is to reinvest in market research like amazon. amazon keeps plowing back.

all its income into spending. so i think people should be really happy and satisfied that twitter is plowing back all its money to have more growth. and you also -- very important company in china called buy 560, like the amazon of china. >> do you own china? >> yeah now we went to internet chinese company. >> we've talked about this in the past. what else in technology would you put new money to work here? >> we're always looking for any opportunity to come up. twitter came up we got the opportunity and we think the future is very bright for twitter. >> what's your take on apple right here? >> apple is facing a lot of headwind right now because of very fierce competition from android. but then there's still -- you have to understand that expectation is very high from apple. they have a lot of profit still.

the company is producing large amounts of profit every year. >> when you look at the old guard and new guard, would you put money in names like microsoft, intel, the names of 20 30 years ago or stick with new names like twitter and the social networking? >> the microsoft, ciscos intels but technology still have some value there. also growth companies like facebook google even google and twitter. so, really there are two industries right now in the technology business arena. >> would you buy google? >> you know, $1,000 is a bit high obviously. doingle is a good company and i have respect for the leadership. >> i know that. i know that you are good friends with eric schmidt. >> very good friend. let me ask you about financials because you have been a long-time fan and supporter and investor in citigroup. jpmorgan in the cross-hairs of regulators, the u.s. government

mortgages during the housing boom. do you think right now the banks are through the worst of it or will we see more lawsuits? and what are you expecting from citi in terms of the regulatory bite? >> now, as far as the banks are concerned, no doubt really the worst is over. and i think the banks are not only capitalized, overcapitalized and very conservative in their approach. i met mr. corbett together and he's maintaining growth if not going up maintaining where he is right now. he has a strong grip on expenses going down. operating leverage of citi right now is under control. the issue is not with the banks. it's -- we have the volcker rule that's still pending, basil rulee basel rule is not finalized, and dodd/frank is still developing. the greatest thing is to put things in order. and get exactly what they want in motion. so the banks know exactly what the rules of engagement the rules of the game going forward. >> that's the issue. there isn't any clarity.

>> correct. uncertainty. >> from investor standpoint you're putting huge amounts of money to work in this market. do you want to take to the sidelines until some of this is cleared up or are you seeing attractive opportunities now? >> no no we invest in citi. this investment has been there a long time. clearly, whenever there's uncertainty in an industry, you would like to wait until that's applicable for new -- for entering the market to take that time and not to invest until there's clarity in the regulatory arena. >> now, earlier today carl icahn made an announcement, basically saying he's not going anywhere in terms of apple. he said he doesn't want a fight, but he's not going anywhere. as a result of that, apple stock traded down. do you agree that you know that apple should do a stock buyback? do you think that with all of that cash, a lot of it overseas they should be putting that money toward increasing the buyback? >> you know, usually in my relationship with management i

defer to management and really in their objective, either having a share buyback program, issue dividends, et cetera. but i think it's public interference in the management of companies is something i don't follow so i do not side with that path at all. >> that's interesting you say this because this active management, active investors have been debated. do you want to just stick with management and let them lead? the other thing carl icahn said tonight is that this market is in in for a big fall. when you look at the broad market, where do you want to allocate most of the capital? is it in the u.s. europe emerging markets? do you think u.s. markets are headed for a fall? >> first of all, we're long-term investors. we're not short-term investors. some people are short-term investors, like to make big buck and leave. >> they're in it for the quick -- >> yes. we're in it for long term. as far as opportunities, there are many opportunities in the world, but have you to be selective and focused.

depending on where you are geographically, for example, middle east. the issue of real estate is lucrative compared to countries in the western world. for example now in the western world, clearly the social media is hot and very much in demand. so, it really depends on where you are geographically and accordingly you can decide which area of investment you get into. >> are you invested in europe right now? >> i mean, we have -- i mean we have some opportunities as before, yes, for long time. >> what about the hotel business? your highness i know you were meeting with your partners four seasons. tell us what's going on in the hotel business. >> we own four seasons with cascade, and hotel with partners and brand with our german partner. the hotel industry has really began moving up since the year and the cycle now turn very positively. we can see revenue is up and the whole industry began picking up right now.

so, yes, we are very opportunistic about this. you can see it in management company results and real estate portion of the hotel industry. >> so, do you think that's emblematic of what's going on in the world, the economy is

>> i cannot comment on that. very good health. but god forbid something happens, my first nomination is for james murdoch. >> so you're meeting with management while you're here in new york. did you learn anything in terms of his next steps? >> he is very conservative and meticulous person and articulate manager and he is really looking at the revenue part and controlling the costs of citi and very alert to the issue of having good operating leverage. >> i assume he has not given you any word on a dividend.

>> all bapgnks will submit in january and sometimes in march. based on that the issue of share buy back will be decided. >> you are also working with him on the philanthropic part of the company. what are you doing with bill gates? >> he invited me and my foundation to be part of his efforts. bill gates and melinda gates to get rid of polio in the world. my friendship with him really made me very close to him and understand very strong will to help the commune'2" it applyied

to me. and although not explicitly work in peace, but his work in education and health developed a lot of pressures. >> it's extraordinary. his legacy will be more about giving $100 billion away than founding microsoft. we appreciate your time here. the dough in record territory again today. we will give you a leg up on tuesday. we will be back in a moment. baron of the build-out. you need a permit... to be this awesome. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (aaron) purrrfect.

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bny mellon. >> that may very well have set the tone for the day. take a look at home depot over the last -- this is just a week but the stock has certainly performed over the last six

months. we are going to be watching the hearings and the overall market as we hit an all time high. that is certainly have people wondering if people will see follow through. the nasdaq come poz it rolling over tonight. basically he is not going away any time soon. that will do it for "closing bell."

>> live from the nasdaq market site this is fast money, america's post market show. i'm melissa lee. here is tonight's line-up. we hardly knew ya. stocks backing off of their all time interhigh today. and how about this for return. the value of bit coin has jumped 60 times. plus losing momentum.